Anglo Irish Bank has secured summary judgment orders for more than €17m against Dublin businessman Maurice Healy, founder of the Calyx technology services group, over unpaid loans.
Mr Justice Peter Kelly was told at the Commercial Court that Mr Healy was consenting to judgment in the sums sought - £6.4m and €10.2m - and the judge made those orders.
The proceedings against Mr Healy, Glencoe, Knocksinna, Foxrock, Co Dublin, were transferred to the Commercial Court earlier this week and Mr Justice Kelly adjourned them to today after being told by Hugh O'Flaherty, for Mr Healy, he needed time to get instructions.
Anglo Irish Bank had expressed concern about any adjournment because it believed another party might bring proceedings in the interim against Mr Healy due to guarantees provided by him.
The case arose from two loan facilities. The first, for a maximum £5.75m, was made available by Anglo in October 2008 to Mr Healy while the second, for €10.8m, was made available in May 2009.
The 2008 facility was to enable Mr Healy fund an equity investment in Calyx Holdings Ltd (CHL), a company set up to acquire Clayfox Gilttop Ltd, and was secured by a mortgage of shares held by Mr Healy in CHL and an assignment of a life policy.
The 2009 facility, for €10.2m, was to fund personal investments by Mr Healy and was secured by charges over property and various shareholdings of his. But Anglo claimed that the liability of Mr Healy under the facility letters exceeded the value of any anticipated realisations from the secured assets.
Mr Healy was a founder and director of CHL and other companies in the Calyx group and Anglo had advanced considerable facilities to the Calyx group which were in default, the bank said.
Anglo sold the Calyx debt to a third party and all connected security, including a performance guarantee form Mr Healy, were also transferred as part of the sale. Anglo said it had deferred action against Mr Healy until that transaction had been completed.
The bank considered there was a risk the buyer of the debt would take action against Mr Healy under the performance guarantee and was anxious to get judgment against him in these proceedings as soon as possible.
Anglo claimed both facilities were repayable on demand. On October 28 last, it claims it informed Mr Healy some £6.45m was due and owing under the first facility while €10.25m was due under the second. It demanded repayment of both amounts by November 4 last, and said that if the sums were not repaid, it would issue proceedings.